Recharge Acquisition Corp. (NASDAQ:RCHG) announced this afternoon that it intends to dissolve and liquidate its trust after being unable to complete a business combination.
The SPAC had a transaction deadline set for October 5, but will now redeem all of its outstanding shares of Class A common stock issued as part of the units sold in its IPO at a per-share redemption price of approximately $10.12. As of the close of business on October 5, the public shares will be deemed cancelled and will represent only the right to receive the redemption amount, which will be completed by October 20.
With an IPO date of October 1, 2020, Recharge represents the 6th oldest searching SPAC and is the 23rd SPAC to liquidate in 2022 thus far. The company raised $200 million at IPO and intended to combine with a target with a recognizable brand and stable free cash flow. Recharge was led by Chairman Rajesh Soin, CEO and Director Anthony Kenney and CFO Michael Gearhardt.
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